NLC India Ltd. (NLCIL), a Navaratna undertaking, has inked an agreement with Coal India Ltd., a Maharatna Public Sector Undertaking (PSU), also under the Ministry of Coal, to form a Joint Venture Company (JVC) to develop solar and thermal power assets to the tune of 5000 MW on pan-India basis.
According to a official statement, the agreement was signed by N.N.M. Rao, Director (Planning and Projects), NLCIL and Binay Dayal, Director (Technical) Coal India Ltd., in the presence of Rakesh Kumar, Chairman-cum-Managing Director, NLCIL, and functional directors in Neyveli on Saturday.
The equity participation in the proposed JVC will be in the ratio of 50:50.
